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BREAKING: BofA Pays Nearly $17B In Record US Mortgage Deal

Bank of America Corp. on Thursday agreed to a $16.65 billion settlement with the U.S. Department of Justice that will resolve claims that the bank and two of the companies it picked up during the financial crisis engaged in faulty lending during the housing boom years, marking the largest settlement related to the 2008 financial crisis.

  • Ex-Aeropostale Exec Gets 8 Years For $350M Kickback Scheme

    The former Aeropostale Inc. executive convicted of receiving more than $25 million in kickbacks from a clothing supplier in exchange for $350 million worth of business was sentenced Wednesday to eight years in prison by a New York federal judge.

  • Berkshire Settles US Antitrust Claims Over USG Deal

    Berkshire Hathaway Inc. will pay $896,000 for failing to give the Federal Trade Commission and U.S. Department of Justice a proper heads up before it more than doubled its stock ownership in USG Corp., assenting to the maximum possible penalty after getting off with a warning for a similar offense last year, the DOJ said Wednesday.

  • 10th Circ. Won't Halt MBS Suit Despite High Court CTS Ruling

    The Tenth Circuit has given the green light for a federal regulator to proceed in its claims against banks over $1.74 billion of soured mortgage bond deals that capsized two credit unions, saying the U.S. Supreme Court's recent CTS Corp. decision did not upend its original opinion that the suits were not time-barred.

  • Argentina Plans To Skirt US Courts, Pay Bonds Locally

    The president of Argentina on Tuesday announced a plan to pay holders of its sovereign debt outside of the reach of U.S. courts, after a New York federal judge blocked a payment to bondholders who agreed to restructurings, which led the country to default for the second time in 13 years.

  • China Hits Auto Parts Makers With $202M In Antitrust Fines

    China announced Wednesday it has hit 12 Japanese auto parts makers, including Sumitomo Corp., Mitsubishi Electric Corp. and Denso Corp., with 1.24 billion yuan ($202 million) in fines for their involvement in an alleged price-fixing scheme, ramping up its recent push to enforce its anti-monopoly law in the world’s largest auto market.